Will Des Plaines give Korean-style barbecue restaurant $350,000 to open in city?
Restaurateurs who want to open a Korean-style barbecue and hot pot eatery in downtown Des Plaines are asking the city to kick in $350,000 to help cover construction costs.
Hot Pot 757 is proposed for the 1400 block of Ellinwood Avenue. It would occupy about 8,800 square feet on the ground floor of the Welkin Apartments building at Ellinwood and Graceland avenues, Community and Economic Development Director John Carlisle said during Monday's city council meeting.
A sign there proclaims the business will be called Galaxy Hot Pot & Grill.
The owners have requested a $100,000 grant from the city's business assistance program and a sales-tax sharing deal that would get the restaurant up to $250,000 over five years.
The money would help pay off $780,000 in estimated construction expenses, including electrical, plumbing and kitchen improvements.
Des Plaines aldermen informally voiced support for the incentive package Monday.
The restaurant would be in the 2nd Ward, and Alderman Colt Moylan was among those singing its praises.
"I truly am excited," Moylan said. "I think it's a great concept."
Alderman Carla Brookman of the 5th Ward called the $100,000 grant request "entirely appropriate." She also supported the tax-sharing plan, noting the cash would come from revenue generated by the restaurant and not the city's budget.
Mayor Andrew Goczkowski said the restaurant and the tax incentives are "exactly what we've been looking for."
A formal vote will be required for the deal to be enacted.
Six Hot Pot 757 restaurants operate in Virginia. This would be the first in Illinois.
More locally, the ownership team operates Dao Sushi and Thai in Burr Ridge, as well as Cajun Boil & Bar restaurants in Oakbrook Terrace and other suburbs.
The owners expect the Des Plaines eatery will bring in $5 million in gross sales the first year and more in each subsequent year, Carlisle said.